Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

M/s Ranjan Polyesters Ltd. Versus C.C.E, Jaipur-II

Allowability of Cenvat credit - Partially Oriented Yarn - used in manufacture of Polyester texturised yarn - Held that:- Once the polyester texturised yarn was cleared upto 31.03.2003 on payment of duty at concessional rate subject to the condition that the CENVAT credit of duty paid on POY used in the manufacture of polyester texturised yarn was not availed of, the question of admissibility of credit on POY contained in such polyester texturised yarn (which had been cleared on payment of conces .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

contains anything to the contrary. - Decided against the appellant - E/3674/2005-EX[SM] - Final Order No. 51760/2016 - Dated:- 10-5-2016 - R. K. Singh, Member (Technical) For Appellant : Mr. Bipin Garg, Advocate For Respondent : Mr. GR Singh, DR ORDER Appeal has been filed against Order-in-Appeal dated 18.10.2005, which upheld the Order-in-Original dated 30.11.,2004, in terms of which CENVAT credit of ₹ 3,45,198/-was disallowed and ordered to be recovered along with interest and penalty of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

, dated 01.03.2002. With the insertion of Rule 9A of CENVAT Credit Rules, 2002 with effect from 01.04.2003, CENVAT credit could be availed on inputs ( of finished goods) lying stock or in process or contained in finished product lying in stock as on 31.03.2003. 2. Revenue has contended that as polyester texturised yarn upto and including 31.03.2003 was cleared on payment of concessional rate of duty subject to the condition that no credit on input namely POY was taken, the credit taken on POY co .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

cading effect. (iii) It was also entitled to take the credit of duty in respect POY contained in the waste yarn arising in the process of manufacture of texturised yarn out of POY. 4. I have considered the contentions of both sides and perused the records. I find that Revenue has allowed CENVAT credit of ₹ 4,67,830/- as per the table given below:- Sl. No. Name of the Material Qty (Kgs) CENVAT (Rs.) SED (RS.) AED (T &TA) (Rs.) NCCD (Rs.) Total (Rs.) 1. Raw Material (POY) 18502.91 1,84,7 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ut of Texturised Yarn) 143.84 359 0 54 0 414 6. Dying (Finished Stock) (Manufactured out of Texturised Yarn) 848.27 2,121 0 318 0 2,439 Total 3,4,5, & 6 17651.52 44,129 0 6,619 0 50,748 7. Yarn Waste 427.00 - 0 0 0 0 8. Dyed Bright 717.08 7,261 7,261 2,178 0 16,700 Grand Total (Total of 1 to 8) 41473.51 2,78,747 1,25,767 66,677 2,639 4,67,830 The only dispute is whether CENVAT credit was admissible in respect of POY used for manufacture of polyester texturised yarn/contained in the texturise .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     Latest Happenings     ↓  

Article: 20 Things You must know about E Way Bills in GST Law

Article: ‘DUTY DRAWBACK’ CANNOT BE EQUATED WITH ‘REBATE OF DUTY’

Forum: GST on Notional rent

Highlight: Notification regarding GST rate for branded cereal, pulses and flour

News: Notification regarding GST rate for branded cereal, pulses and flour

Highlight: Anti-dumping duty on import of bus/truck tyres from China

Highlight: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Non-payment of service tax - maintenance and repair charges - appellants had knowingly and deliberately shown the repair charges as job work charges to mislead about their taxability - demand confirmed.

Highlight: BAS - execution of the project of smart card for vehicle registration – implementing the SOC-VRC project - The fact that the Government has outsourced some part of the work and paid certain consideration for such outsourced work, does not make the activity subject to service tax.

Forum: Input tax credit

Forum: Cess paid instead of SGST

Forum: Excise duty credit on finished stock at additional place of business.

Circular: Amendments in Hand Book of Procedures 2015-20 –reg.

News: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Constitution of National Anti-profiteering Authority (NAA) under GST-reg. - Trade Notice

Highlight: Amendments in Hand Book of Procedures 2015-20 –reg. - Various amendments are made in Chapter-4 of Hand Book of Procedures 2015-2020.

Forum: GST rates on mobile recharge business

Circular: Constitution of National Anti-profiteering Authority (NAA) under GST-reg.

Forum: import purchase

Highlight: Sharing of expenses - BAS - promotion of business of group companies - sharing of expenditure for common facilities cannot be treated as service by one to another in such arrangement.

News: RBI Reference Rate for US $

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

Circular: Certain Clarifications sought on Construction Services provided in the Real Estate Sector – reg.

News: Anti-dumping duty on import of bus/truck tyres from China

News: Fast-track GST refund, else ₹ 65K cr may be stuck: Exporters

Highlight: It is open to the Settlement Commission to use best judgment in arrival of the figure. Nonetheless it has to explain the manner in which the best judgment figure has been arrived at by the Settlement Commission - HC

Highlight: Deemed dividend u/s 2(22)(e) - advances given to societies - in the absence of legal right of the assessee in the said society the amount advanced cannot be treated as deemed income.

Highlight: When electrical installations are treated as plant and machinery the depreciation has to be allowed @ 25% as per provisions contained u/s 32

TMI Note: Capital Gain - transfer of right in the land or transfer of land itself - addition u/s 50C - Harassment to the honest tax payers

Highlight: Option to avail composition scheme under GST by electronically filing an intimation in FORM GST CMP-02 and FORM GST ITC-03 upto 30-9-2017 - See Rule 3(3A)

TMI Note: Does ICDS apply for the purposes of computing exemption u/s 11 to 13.

Highlight: Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

TMI Note: Certain ICDS provisions are inconsistent with judicial precedents. Whether these judicial precedents would prevail over ICDS.

Highlight: Provisions of ICDS shall prevail w.e.f. AY 2017-18 to the transactional issues dealt therein over earlier judicial pronouncements.

Notification: Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR

News: Voluntary Reporting of Estimated Current Income and Advance Tax Liability

TMI Note: In case of conflict between ICDS and other specific provisions of the Income-tax rules, 1962 governing taxation of income like rules 9A, 9B etc. of the Rules, which provisions shall prevail.

TMI Note: Does ICDS apply to computation of Minimum Alternate Tax (MAT) u/s 115JB of the Act or Alternate Minimum Tax (AMT) u/s 115JC of the Act.

TMI Note: Where a term has not been defined under ICDS, nor under the Act, but has different interpretations given to it by the courts in tax cases, and in ICAI Accounting Standards, which interpretation would prevail while interpreting ICDS.

TMI Note: Whether the provisions of ICDS apply to a non-resident who claims the benefit of a double taxation avoidance agreement (DTAA).

TMI Note: In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, which would prevail over the other.

TMI Note: ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific disclosures. Where is the taxpayer required to make such disclosures specified in ICDS.

Notification: Income Computation and Disclosure Standards (ICDS) - New ICDS to be effective from AY 2017-18

News: RBI Reference Rate for US $

Highlight: GST - Detention of goods under transport - discrepancy in documents - the statutory provisions provide a mechanism for adjudication following detention of goods including for the provisional release thereof pending adjudication - HC

Highlight: Reassessment - first few paragraphs of the assessment order dealt with objections and disposed of accordingly - Unfortunately, the manner in which the AO has decided the issue is wholly unsustainable in law - HC

Highlight: Business expenditure u/s 37 - liquidated damage - breach of contract terms - Expenditure was not incurred for any purpose which is an offence or which is prohibited by law - cannot be disallowed - HC

Highlight: Valuation - inclusion of reimbursement of expenses - managing participation of clients in certain mela, fairs, promotional activities etc. - They are liable to service tax on the gross amount received - They cannot restrict their tax liability to only agency commission

Highlight: TDS liability - ITAT confirmed the liability - We do not see how it is possible for us to uphold the order of the Tribunal and when it purports to decide two Appeals of the Revenue by single paragraph conclusion - HC

Highlight: Reopening of assessment - sufficiency of material available with the AO to form a belief that income chargeable to tax had escaped assessment - bogus purchases - seller refused to respond - notice would not be interfered with - HC



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version